The digital lock market size in South Korea is expected to grow to 530 Mn in 2027. Will South Korea’s digital locks market stand on this projected figure? : Ken Research

1. Growing E-Commerce Industry

For more information, request a free sample Report

The e-commerce market in South Korea is projected to reach $101.8 Bn in 2023, driven by the increasing popularity of online shopping and home delivery and thereby, increasing the demand for digital locks with features such as delivery box integration and remote access for the delivery personnel.

2. Government Initiatives

The South Korean government is promoting the use of smart home technology and offering incentives to encourage its adoption. The government has set a target of 10.0 Mn smart home installations by 2023 and is even offering tax benefits and subsidies to homeowners who install smart home devices.

Information and Communications Network Act

Regulates the production and distribution of digital locks in South Korea. Companies must comply with standards related to security and privacy protection, and obtain certification from the Korea Agency for Technology and Standards (KATS) which has a mandatory security standard for digital door locks that use a password or biometric identification method.

Digital Signature Act

The DSA regulates the use of electronic signatures in South Korea. Digital lock companies must comply when implementing digital signature systems in their products. It specifies the type of digital signature methods that are valid – digital certificates and requires the use of secure cryptographic methods to ensure the integrity of digital signatures.

3. Growing Tourism Industry

A growing interest in Korean pop culture – the “Korean Wave” or “Hallyu, “is causing the growth of the tourism industry in South Korea. Revenue from the Tourism industry is expected to grow by 4.1% from 2023 to 2027, driving the demand for advanced security solutions in tourist destinations.

Visit A link Request for Custom Report

4. Partnerships and Acquisitions

Zigbang, a South Korean prop-tech startup providing real estate transactions service, acquired Samsung SDS’ home IoT unit to make a foray into the smart home industry.

Expansion into new markets

South Korean digital lock manufacturers are expanding into international markets.

KeyWe, a South Korean digital lock manufacturer has expanded to Southeast Asia, Europe, and North America and its products are available in the US, Canada, and Singapore

For more insights on market intelligence, refer to the link below:

Digital Locks Market South Korea

Tags: Digital Locks Market South Korea, Emeriging Player of South Korea Smart Locks Market, Evernet Smart Lock Market Share, Fingerprint Locks Smart Lock Market, Gateman- Assa Abloy Market Revenue South Korea, Guangdong Level Intelligent Lock South Korea, Honeywell in Smart Door Lock Market, Household Smart Look Market, IoT in Smart Door Look Market, Leading Player of Smart Locks Market South Korea, Leading Smart Door Lock Companies in South Korea, Milre Smart Lock Market Revenue, Mortise Locks Market South Korea, Padlock Market South Korea, Push Pull lock market South Korea, Samsung in Smart Door Lock Market, Solity Smart Lock Market Share South Korea, South Korea Hybrid/Integrated Locks Market, South Korea Iris Recognition Door Locks Market, South Korea Magnetic Strip Door Locks Market, South Korea Palm Recognition Door Locks Market, South Korea Signature Recognition Door Locks Market, South Korea Smart Door Lock Market Challenges, South Korea Smart Door Lock Market Dealers, South Korea Smart Door Lock Market Distributors, South Korea Smart Door Lock Market Major Players, South Korea Smart Door Lock Market Opportunities, South Korea Smart Door Lock Market Service Provider, South Korea Smart Door Lock Market Supplier, South Korea Smart Locks Market, South Korea Voice Recognition Door Locks Market, South Korea Wi-Fi Smart Door Look Market, South Korean Digital Door Lock Market Trends, Technology in Smart Door Lock Market, Tenon in Smart Door Lock Market, Top 5 Smart Lock Startups, Top Investments in Smart Lock Startups, Zigbang Smart Lock Annual Profits